The reason why rich Russians flock to the Thai island

The reason why rich Russians flock to the Thai island 0

(Dan Tri) – Western sanctions and restrictions imposed on Moscow for launching a military campaign in Ukraine have prompted an increase in the number of wealthy Russians coming to Phuket Island, Thailand.

Phuket Island, Thailand is increasingly attracting Russians, especially the rich (Photo: Bloomberg).

According to Bloomberg, Phuket has for many years become an attractive destination for rich Russians.

The number of villas sold on Phuket island in 2022 increased 82% to 338 units, about half of which were bought by Russians, according to real estate company Knight Frank Thailand.

Some 791,574 Russian citizens visited Thailand from January to June, an increase of more than 1,000% over the same period in 2022, according to the Thai Ministry of Sports and Tourism.

More than half of those fly direct to Phuket airport and it will be the number one source of tourists to the island in 2023, according to the Phuket Tourism Association.

In a sign of the island’s importance to expanding Russia’s diplomatic reach in Southeast Asia, Foreign Minister Sergei Lavrov officially opened a consulate in Phuket in July and met with his counterpart.

Before the war in Ukraine, countries in Europe and the Middle East were quite popular with Russians.

However, after the war between Russia and Ukraine broke out, the EU launched a series of sanctions on Moscow, making it more difficult for Russians to move to the alliance.

To cope with the new situation, many Russians have chosen countries with easy entry visas such as the United Arab Emirates (UAE), Türkiye and Thailand as alternative destinations.

According to Ms. Prakaipeth Meechoosarn, head of Phuket real estate sales at the Thai branch of CBRE Group, Thailand has introduced a number of new visa programs in the past year, allowing those with assets or skills to

According to Elena Marinicheva, vice president of the Russian branch of real estate company Sotheby’s International Realty, the typical group of customers buying homes in Thailand are usually businessmen in their mid-30s in eastern Russia like Vladivostok.

Thais, especially those in the southern islands, are adapting to the needs and habits of Russian tourists.

Russia’s super-rich are also increasing their interest in Thailand.

Construction materials billionaire Igor Rybakov held business training classes for a group of 20 people on the island in January.

The arrival of the Russians has contributed to boosting the economy and providing jobs for people in Phuket and Krabi, which depend on tourism and investment.

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